Income Statement

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Income Statement

[/vc_column_text][/vc_column][/vc_row][/vc_section][vc_section][vc_row content_placement=”middle” el_class=”container”][vc_column width=”1/2″][vc_column_text css_animation=”fadeInUp”]An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to…

• Track revenues and expenses so that you can determine the operating performance of your business.
• Determine what areas of your business are over-budget or under-budget.
• Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
• Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
• Determine your income tax liability.

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